Ukraine Crisis Pushes U.S. Bonds Higher

By Michael Aneiro

It’s a safe-haven kind of day so far Monday, with escalating tensions between Russia and Ukraine sending investors in the direction of Treasury bonds. The early read on the 10-year Treasury note shows a yield of 2.61%, per Tradeweb data, down from 2.65% at the close of business Friday.

Tempering the bid for Treasuries a little bit is some stronger-than expected reading on personal spending in January, although December’s figure was revised lower.

Here’s Adrian Miller of GMP Securities with his take on the day and week ahead:

In the U.S. despite the geopolitical headlines there are important data points via January personal income and spending, February ISM manufacturing PMI and January construction spending. The data will continue to shape the Fed narrative as to any possible change in policy. Of course should the Ukrainian crisis escalate and the impact does display contagion characteristics the situation could result in the Fed pausing in its taper if the global economy and financial markets increasingly weaken.

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